Social networking giant Meta has doubled its revenue in India from click-to-message ads in FY23 on a year-on-year basis.
CEO Mark Zuckerberg highlighted this growth during an analysts call on October 26, 2023.
Meta, the parent company of Facebook, Instagram, and WhatsApp considers India as one of its biggest markets. Zuckerberg also said that over 60 percent of WhatsApp users in India message a business app account on a weekly basis.
The country has the highest WhatsApp user base of over 500 Mn and is set to hit revenue of $1 billion in India by the end of 2023. Also, according to Statista, as of January 2023, India has the highest 229.55 Mn Instagram users, ahead of the US’s 143.35 Mn users.
In February 2023, Zuckerberg also said that Click-to-Message ads had reached a $10 Bn revenue run rate globally.
Meta Growth In India In 2023
Earlier this month, Facebook India reported gross advertisement revenues of INR 18,308 Cr in FY23, up 13% year-on-year from INR 16,189 Cr in FY22.
In FY23, the company’s net profit surged 19% to INR 352 Cr from INR 297 Cr in FY22. At the same time, its total revenue increased by 20% to INR 2,776 Cr from INR 2,324 Cr in FY22.
Also, Facebook India’s ad inventory cost decreased by 63% to INR 5,666 Cr from INR 15,120 Cr in FY22.
Meta is also exploring the possibility of launching an ad-free subscription plan in India by 2024. If introduced, this would mark Meta’s second subscription offering. The social media behemoth currently offers high-tier services such as a verified badge at a monthly charge of INR 699.
Meta CEO further believes business messaging will be the next major pillar for the company’s business, with more than 600 Mn conversations happening between people and businesses every day on its platforms.
Other Key Points Highlighted In The Q3 2023 Earnings Call
During the earrings call, Meta CEO shared an update on the growth of company’s newly launched platform ‘Threads’.
Within three months, Threads now has 100 Mn monthly active users globally. Zuckerberg believes, that Threads is going to a point where they will be focusing on growing the community further.
“….there should be a billion person public conversations app that is a bit more positive. And I think that if we keep at this for a few more years, then I think we have a good chance of achieving our vision there,” he added.
Going further, the two key focus areas for Meta will be AI and metaverse.
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